Treasury Department Federal Credit Union
Encyclopedia
Treasury Department Federal Credit Union (TDFCU) is a credit union
headquartered in Washington, D.C.
, chartered and regulated under the authority of the National Credit Union Administration
(NCUA) of the U.S. federal government
.
with a voluntary Board of Directors
that is elected by the members. Each member is an owner of the credit union with an equal vote.
In addition, once an eligible member joins, their family members are eligible. Family members include spouse/partner, parents, grandparents, siblings, children (includes adopted, foster, and stepchildren) and grandchildren.
accounts, and certificates of deposit. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($10) literally represents their share of ownership in the credit union
. TDFCU also offers members consumer loans, credit cards, vehicle loans, education loans, mortgages and home equity lines of credit.
TDFCU lost more than $500,000 in the first nine months of 2008, and some other District of Columbia credit unions also experienced losses.
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
headquartered in Washington, D.C.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, chartered and regulated under the authority of the National Credit Union Administration
National Credit Union Administration
The National Credit Union Administration is the United States independent federal agency that supervises and charters federal credit unions...
(NCUA) of the U.S. federal government
Federal government of the United States
The federal government of the United States is the national government of the constitutional republic of fifty states that is the United States of America. The federal government comprises three distinct branches of government: a legislative, an executive and a judiciary. These branches and...
.
History
The Treasury Department Federal Credit Union (TDFCU) founded in 1935, is a full service financial institutionFinancial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...
with a voluntary Board of Directors
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
that is elected by the members. Each member is an owner of the credit union with an equal vote.
Membership
Membership in the Treasury Department Federal Credit Union is available to employees of the US Treasury Department, Department of Homeland Security, U.S. Courts, United States Securities and Exchange Commission(SEC), as well as persons who live, work (or regularly conduct business), worship, or attend school in, and businesses and other legal entities located in, Washington, D.C.Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
In addition, once an eligible member joins, their family members are eligible. Family members include spouse/partner, parents, grandparents, siblings, children (includes adopted, foster, and stepchildren) and grandchildren.
Services
TDFCU offers the typical suite of account services offered by most financial institutions, including savings accounts, checking accounts, IRAIndividual Retirement Account
An individual retirement arrangement is the blanket term for a form of retirement plan that provides tax advantages for retirement savings in the United States...
accounts, and certificates of deposit. The savings product is named "Share Savings" to reflect the fact that a member's initial savings deposit ($10) literally represents their share of ownership in the credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
. TDFCU also offers members consumer loans, credit cards, vehicle loans, education loans, mortgages and home equity lines of credit.
Branch locations
The Treasury Department Federal Credit Union has nine full service branches. Six of the branches are located in the District of Columbia, while the remaining three branches are located in Newington, VA; Prince George's County, MD; and Long Beach, CA.Losses
TDFCU and several other credit unions were victimized when U.S. Mortgage Corporation sold mortgages that it managed on behalf of the credit union to Fannie Mae and kept the money.TDFCU lost more than $500,000 in the first nine months of 2008, and some other District of Columbia credit unions also experienced losses.